By Michelle Reese | East Valley Tribune
The “tsunami” of foreclosures Arizona has seen since 2007 is subsiding to normal levels, but the Valley’s housing shortage could keep potential buyers away from their dreams for a while, one housing expert said this week.
A report last week out of the W. P. Carey School of Business at Arizona State University shows foreclosure starts on single family and condo homes in the Valley dropped 15 percent between April and May. Foreclosure starts are down 67 percent from a year ago. The number of completed foreclosures is down 53 percent from May 2012.
